Elumelu Votes For Well-Regulated Market For Africa
Chairman, United Bank for Africa (UBA), Tony Elumelu has said that well-regulated, responsible capital market is of positive benefit to an economy and remains the engine of capitalism in great nations.
He spoke at the weekend during the Jamaican Stock Exchange 17th Regional Investment and Capital Markets Annual Conference.
Elumelu said a properly run capital market could democratise wealth and sustain growth.
“Africapitalism positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent. Business needs to do well and to do good.
“Over 80 companies have raised capital through the Jamaican Stock Exchange and have a Stock Exchange valued at over $16 billion,” he said.
Elumelu added: “I speak as an entrepreneur that has benefited from the capital markets, the Nigerian Stock Exchange to be precise. When we started, we needed money for our growth. Money to prove our concept.Today, I sit as the Chairman of Heirs Holdings, my family-owned investment management firm that has interests in the financial services, power, oil and gas; real estate and hospitality; and of course healthcare. We are long-term investors in the key strategic sectors of the African economy,” he said.
He said his companies’ objective is to improve lives and transform Africa – to be role models, in business, in governance and in philanthropy.
He said: “UBA is present in 20 African countries, and in key financial centres of New York, Paris, London, Grand Cayman Island and most recently, Dubai. We have a customer base in excess of 25 million customers and counting across the world,” he said.
Continuing, Elumelu said: “When I started my entrepreneurial journey long ago, the Nigerian banking system was not what it was today. We had over 100 banks all fighting for supremacy in a regulatory environment that was not as capacitised as it is today. I took a bank that was distressed and immediately set out three bold and audacious strategic intents in our turnaround strategy.
“Our number one intent at the time was to become financially viable because we were a distressed bank. Our number two intent was to become one of the top 10 banks in Nigeria, and we fixed timeframes to achieve this. These strategic intents helped to shape our activities and actions and accomplishments.’’
He said that often, the foundations built at the early stages of a business determine the trajectory of that company and this is a message to all entrepreneurs. “Ensure you get your corporate governance right; it is most important to address these issues when you are small as opposed to when you are a larger organisation. In due time we took the distressed bank and merged with a historically significant Nigeria bank to become todays UBA, a truly pan-African institution,” he stated.
“Having achieved success in turning around a distressed financial institution into a systemically important Bank – And grown other businesseOur Reporters. The year 2010 became a turning point in my life. I thought it was the time to think about impact, sustainability and legacy as well as improving lives and playing my own part in towards the transformation of Africa .That is why, in 2010, I founded the Tony Elumelu Foundation, the leading philanthropy that empowers young African entrepreneurs from across the 54 countries on the African continent,” he said.
– The Nation
